California Adopts Final Rule Changes
By A. J. Johnson & Caitlin Jones
1 min read
The California Tax Credit Allocation Committee has adopted final regulation changes for its 2008 low-income housing tax credit program, which it outlined in a memorandum dated 2/4/08. The Committee adopted the changes recommended by staff, with one exception. It didn’t adopt a proposal to raise from $15,000 to $20,000 the rehabilitation expenditures per unit necessary to permit a 15% developer fee on a project’s rehabilitation basis when applying for 4% credits. As a result, the previous $15,000 standard will remain in effect for 2008.
